Fiserv, Inc. · FISV · FY2026 Q1 · Calendar Q2 2026

Fiserv Q1 EPS Beats by 14% but Revenue Misses; Shares Drop 9.6%

Fiserv delivered a mixed Q1 2026: adjusted EPS of $1.79 topped estimates by 14%, aided by cost discipline and a lower 11% effective tax rate from a valuation allowance, while revenue of $4.68B fell 2.4% year-over-year and missed consensus by 1.1%. The market punished the revenue miss with a 9.6% abnormal decline and 2.9x normal volume, followed by an additional 3.8% drift lower. Management maintained full-year guidance for 1-3% organic revenue growth and mid-single-digit EPS expansion, citing second-half visibility and momentum in Clover VAS (up 18%), Finxact (70%+ account growth), and the AI-driven Project Elevate program. With the stock at $53.18 versus a $65.29 consensus target, investors are pricing in skepticism about near-term organic growth despite the EPS strength.

Reported Before market openNASDAQTechnology $29.66B market cap
100quality score

Company context

Snapshot as of publication

Fiserv, Inc. is a global provider of technology solutions for payments and financial services. Its operations are structured into three primary segments: Acceptance, Fintech, and Payments. The Acceptance segment enables businesses to process transactions at the point of sale and through digital channels, offering mobile payment capabilities and robust security and fraud prevention tools. Key offerings include Carat, its omnichannel commerce platform; Clover, a cloud-native platform for point-of-sale and business management; and Clover Connect, designed for independent software vendors. This segment reaches clients via diverse distribution channels, including direct sales, agent networks, ISVs, and financial institution partnerships.…

Earnings scorecard

Reported versus consensus
Reported EPS $1.79 Consensus $2
EPS surprise +14.0% Reported versus consensus
Reported revenue $4.67B Consensus $4.73B
Revenue surprise -1.1% Reported versus consensus

Earnings History

Estimate Beat Miss Match
FISV EPS earnings history estimate and actual scatter chart 6 reported fiscal quarters and 4 future estimate-only quarters. Q4 '23 actual $3.12, None Q3 '24 actual $3.57, None Q2 '25 estimate $2.43 Q2 '25 actual $2.47, beat Q3 '25 estimate $2.64 Q3 '25 actual $2.04, miss Q4 '25 estimate $1.90 Q4 '25 actual $1.99, beat Q1 '26 estimate $1.57 Q1 '26 actual $1.79, beat Q2 '26 estimate $1.89 Q3 '26 estimate $2.16 Q4 '26 estimate $2.27 Q1 '27 estimate $1.77

Analyst Consensus ?

ConsensusBuy59 ratings
Bullish3457.6%
Neutral2542.4%
Bearish00.0%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$53.47Current
$46Low
$130.01Average
$244High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Truist Securities Hold HoldMaintainJul 24, 2026
Cantor Fitzgerald Neutral NeutralMaintainJul 22, 2026
BMO Capital Market Perform Market PerformMaintainJul 22, 2026
Citigroup Neutral NeutralMaintainJul 10, 2026
Wells Fargo Equal Weight Equal WeightMaintainJul 9, 2026
Goldman Sachs Neutral NeutralMaintainJul 9, 2026
JP Morgan Neutral NeutralMaintainJul 8, 2026
TD Cowen Neutral NeutralMaintainJul 7, 2026
Show 52 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $53.47. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Truist FinancialAnalyst unavailable$52$49.97 -2.7%Jul 24, 2026
BMO CapitalAndrew Bauch$55$50.92 +2.9%Jul 22, 2026
Cantor FitzgeraldAnalyst unavailable$53$50.61 -0.9%Jul 22, 2026
Goldman SachsWill Nance$60$50.6 +12.2%Jul 9, 2026
Wells FargoAnalyst unavailable$56$50.6 +4.7%Jul 9, 2026
BarclaysNik Cremo$58$52.71 +8.5%Jul 8, 2026
BNP ParibasThomas Poutrieux$46$56.23 -14.0%Jun 5, 2026
Truist FinancialMatthew Coad$58$57.02 +8.5%May 29, 2026
Morgan StanleyAnalyst unavailable$65$56.05 +21.6%May 29, 2026
BMO CapitalAnalyst unavailable$60$53.46 +12.2%May 15, 2026
See 99 more

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Market reaction

prior-close to event-session close
Stock move -8.8% Event window
SPY move +0.8% Same window
Abnormal move -9.6% Stock minus SPY
Volume 2.9× Versus trailing sessions
Subsequent drift -3.8% Up to 20 sessions
FISVSPY benchmark

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Transcript intelligence

What changed

Adjusted EPS of $1.79 beat the $1.57 consensus by 14%, boosted partly by an 11% effective tax rate from a tax valuation allowance. Revenue of $4.68B declined 2.4% year-over-year and missed the $4.73B consensus by 1.1%. Clover VAS revenue grew 18%, accelerating from 12% Clover growth in Q4, with new verticals in healthcare and professional services. Finxact modern core platform posted 70%+ growth in accounts and positions. Management announced a stablecoin pilot for inter-bank money movement launching summer 2026. Project Elevate AI program identified hundreds of revenue-uplift and cost-reduction opportunities. Shares fell 9.6% on the report with 2.9x normal volume, then drifted an additional 3.8% lower.

Guidance delta

Management maintained full-year 2026 guidance for 1-3% organic revenue growth and mid-single-digit adjusted EPS expansion, unchanged from the prior quarter. Capex outlook remains stable. Guidance sentiment is maintained with confidence in clearer second-half visibility.

Key takeaways

  • EPS beat of 14% was partly aided by a one-time tax valuation allowance lowering the effective rate to 11%, not solely operational improvement.
  • Revenue decline of 2.4% reflects lapped non-recurring revenue comparisons and Argentina inflation and interest-rate headwinds.
  • Clover VAS growth of 18% and Finxact 70%+ account growth are the strongest operational positives.
  • AI-driven Project Elevate and stablecoin initiatives are forward-looking catalysts but not yet material to results.
  • Disciplined capital allocation continues with $200M in share repurchases and a stable debt-to-EBITDA ratio.

Management priorities

  • Execute the One Fiserv strategy with AI integration across client service, product development, and operations.
  • Expand Clover into new verticals including healthcare and professional services, and international markets including Brazil and Canada.
  • Launch a stablecoin pilot for inter-bank money movement in summer 2026.
  • Drive Finxact modern core platform adoption and new API capabilities.
  • Maintain disciplined capital allocation with share buybacks and stable leverage.

Related earnings events

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-07-30T15:11:43.021508+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T15:11:43.018623+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.